Jobs Growth Lower Than Expected in August
Washington, DC, Sept. 7, 2012 -- Job growth was below expectations in August, according to the Labor Department.
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Nonfarm payrolls grew by 96,000 in August, well below estimates of 125,000 and down from 141,000 jobs in July.
The unemployment rate, however, fell to a seasonally adjusted 8.1%, down from 8.3% in July.
Economists had been expecting the jobless rate to be unchanged.
The decline in the unemployment rate reflected 368,000 people dropping out of the labor force.